NDLI: Financial Management Practices on growth of Small and Medium Enterprises : A case of Manufacturing Enterprises in Nairobi County , Kenya

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Financial Management Practices on growth of Small and Medium Enterprises : A case of Manufacturing Enterprises in Nairobi County , Kenya

Content Provider	Semantic Scholar
Author	Jennifer, K. Barton Dennis, Ouma
Copyright Year	2015
Abstract	Small and Medium enterprises (SMEs) make important contributions to economic and social development of any country. The aim of this study was to determine the extent of financial management practices employed by the SME’s and their effect on growth. The specific objectives of this study were to determine effect of working capital management practices, investment practices, financial planning practices, accounting information systems, financial reporting and analysis practices on the growth of SME. Nairobi County records indicate there are over 50,000 small and micro enterprises in the County. Kenya Association of Manufacturing through the baseline study of 1999, (KAM 2009) recorded 745 active manufacturing SME’s in Kenya with a population of 410 in Nairobi County. Primary data was collected from 41 SMEs using a questionnaire administered to the business owner/manager of the SMEs. A simple random sampling technique was used to select the SMEs. Descriptive and inferential statistics were used to analyze the data. The study established that 75% of the SMEs sold their products cash while 82% maintained a cash limit, 92% have a manual inventory register, 35% have invested in long term assets while 45% used internally generated funds for business financing. 55% do not have a formal accounting system and 74% prepared financial statements without a qualified accountant. The Ministry of Industrialization should introduce capacity building programs for SMEs in the issues of financial management practices.
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://iosrjournals.org/iosr-jbm/papers/Vol17-issue8/Version-2/H017826577.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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